So we are wanting to go into a new rental. We can't do this for another 4 weeks. We have found the house we want. We can sign the papers now. But.... When do we have to pay the bond? In 4 weeks when we move in, or right now?
So we are wanting to go into a new rental. We can't do this for another 4 weeks. We have found the house we want. We can sign the papers now. But.... When do we have to pay the bond? In 4 weeks when we move in, or right now?
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5 Replies
You pay the bond the day before you move in.
I've always had to pay when I signed the lease.
Usually when you move in. The real estate may want a couple of weeks rent now to "hold" the property (you don't lose that money, it goes on the rent when you move in).
Depends on the real estate, but generally if you aren't signing the lease/moving in until a certain time, you can be required to pay one or two weeks rent in advance to hold the property. Whatever you pay will be deducted from the total bond and rent required before you move in. So you might pay one week's rent to hold the property until your move in day, then before they hand you the keys you'll be required to pay the second week's rent and bond in full.
So to answer your question, you should be able to pay bond the day you get the keys.
Under NSW legislation you have to pay a total of 6 weeks rent
1 week as holding deposit until you move in, then 5 weeks the day you sign the lease and collect the keys. So you will be 2 weeks in advance and have 4 weeks is for bond. It's illegal to do it any other way in NSW.
If you are not sure double check with R/E but it's always worth a Google too to check out what is required as a lot of agents are out of touch with the legislation and just do what they want.